Port operator’s IPO share price set near high tide mark
Sihanoukville Autonomous Port, the state enterprise that operates Cambodia’s principal seaport, announced a share price of 5,040 riel ($1.26) on May 9 for its upcoming initial public offering following a bookbuilding exercise that garnered a strong response from institutional investors. SAP priced its shares at the top end of the 3,520 riel to 5,180 riel ($0.88 to $1.29) range that it offered to investors participating in a six-day bookbuilding late last month. The pricing puts the port operator on track to raise $27 million for expansion in what stands to be the Kingdom’s largest-ever IPO. SAP, which operates the country’s only deep sea port in Sihanoukville, is offering investors 21.4 million shares, about a 25 percent stake in the company, ahead of its listing on the Cambodian Securities Exchange later this month.
